evaluation of the existing share in NCSP (Omirico Limited) to the fair value at the date of acquisition of the controlling stake and income from disposal of subsidiaries

−25,371

EBITDA Excluding crude oil sale and purchase transactions between Transneft and Rosneft and China National United Oil Corporation

433,436

408,694

6.1

by6.1%

The EBITDA indicator grew

Earnings before interest, tax, depreciation and amortisation (EBITDA) is an indicator that reveals the efficiency of the Group’s activities, including the Group’s ability to finance capital costs, acquire businesses and make other investments, as well as its ability to raise and repay loans. For investors, analysts and rating agencies EBITDA normally serves as the ground to evaluate and forecast oil and gas businesses’ cost and efficiency. This indicator should not be viewed separately, as an alternative to earnings for a given period, earnings from core activity or any other indicator showing the Group’s efficiency and reflected in the consolidated financial statement by IFRS.

In 2018, EBITDA growth compared to 2017 was due to increased revenues from transportation of oil and petroleum products, oil sales for export, as well as the provision of stevedoring services, additional port services and fleet services (due to the acquisition of controlling stakes in NCSP Group and NFOT in September 2018).